Stifel Nicolaus Trims Align Technology (NASDAQ:ALGN) Target Price to $350.00

Align Technology (NASDAQ:ALGN) had its price target cut by equities researchers at Stifel Nicolaus from $400.00 to $350.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the medical equipment provider’s stock. Stifel Nicolaus’ price target indicates a potential upside of 42.97% from the stock’s current price.

Several other brokerages also recently commented on ALGN. Robert W. Baird lowered their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a report on Monday. Evercore ISI lowered their price target on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. Morgan Stanley increased their price target on Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Piper Sandler lowered their price target on Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, OTR Global reiterated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $335.50.

Align Technology Stock Performance

Shares of ALGN opened at $244.80 on Thursday. The firm has a market cap of $18.43 billion, a PE ratio of 40.33, a PEG ratio of 4.66 and a beta of 1.66. The firm’s 50 day moving average price is $251.00 and its 200 day moving average price is $281.32. Align Technology has a twelve month low of $176.34 and a twelve month high of $413.20.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.73 earnings per share. On average, sell-side analysts anticipate that Align Technology will post 7.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Align Technology by 0.3% in the first quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock worth $2,746,378,000 after acquiring an additional 25,362 shares during the last quarter. Brown Advisory Inc. boosted its stake in Align Technology by 41.4% during the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock worth $413,488,000 after buying an additional 441,754 shares in the last quarter. Ninety One UK Ltd boosted its stake in Align Technology by 1.0% during the second quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock worth $276,950,000 after buying an additional 10,919 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Align Technology by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 1,132,742 shares of the medical equipment provider’s stock worth $371,449,000 after buying an additional 11,800 shares in the last quarter. Finally, Bares Capital Management Inc. boosted its stake in Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after buying an additional 252,220 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.